Lowest February inventory since 2006

CREB Update March 1, 2023 - Consistent with typical seasonal behavior sales, new listings and inventory levels all trended up compared to last month. However, with 1,740 sales and 2,389 new listings, inventory levels improved only slightly over the last month and remained amongst the lowest February levels seen since 2006.

“While higher lending rates are impacting sales activity as expected, we are seeing a stronger pullback in new listings, keeping supply levels low and supporting some stronger-than-expected monthly price gains,” said CREB® Chief Economist Ann-Marie Lurie. “Prices are still below the May 2022 peak and it is still early in the year. However, if we do not see a shift in supply, we could see further upward pressure on prices over the near term.”

Both sales and new listings declined over last year’s record high for the month. While sales activity remained stronger than long-term trends and levels reported throughout the 2015 to 2020 period, new listings fell below long-term trends.

With a sales-to-new-listings ratio of 73 per cent and a months of supply of under two months, the market has struggled to move into balanced territory causing further upward pressure on home prices. The unadjusted benchmark price increased by nearly two per cent over January levels and last year’s prices.

 
 

ABOUT CREB:

CREB® is a professional body of more than 5,100 licensed brokers and registered associates, representing 245  member offices. CREB® is dedicated to enhancing the value,  integrity and expertise of its REALTOR® members. Our REALTORS® are committed to a high standard of professional conduct, ongoing education, and a strict Code  of Ethics and standards of business practice.

For Calgary Metro, CREB® statistics include only Zone A, B, C and D for properties located in Calgary.  Furthermore, all historical data has been  adjusted to the most current information.

Any  use or reference to CREB® data  and statistics must acknowledge CREB® as the source. The board does  not generate statistics or analysis of any individual member or company’s market share. All MLS® active listings for Calgary and area may  be found on the board’s website at www.creb.com.

CREB® is a registered trademark of the Calgary Real Estate Board Cooperative. The trademarks MLS® and Multiple Listing Service® are owned by the Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. The trademarks REALTOR® and REALTORS® are controlled by CREA and identify real estate professionals who are members of CREA, and subsequently the Alberta Real Estate Association and CREB®, used  under licence.

Source: www.creb.com

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The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the Calgary Real Estate Board.

MLS®, Multiple Listing Service®, and the associated logos are all registered certification marks owned by CREA and are used to identify real estate services provided by brokers and salespersons who are members of CREA. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.